Making tax digital for income tax self assessment (MTD ITSA) will replace the self assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships. The MTD ITSA regulations will require you to keep records of your business transactions in a digital format and use those records…
Research and development (R&D) tax reliefs can be very generous for small companies, giving a deduction of 230% of qualifying costs. However the categories of expenditure which qualify for R&D relief were defined over 20 years ago and do not include costs of a typical internet based business.
In the March 2021 Budget the Chancellor announced a super-deduction scheme that provides a 130% deduction for the cost of new plant or equipment if it is purchased by a company before 1.4.23. Expenditure on other new assets such as fixtures and integral features in buildings can also qualify for a 50% first year deduction…
Under the Construction Industry Scheme there are essentially 3 payment statuses. A payment status dictates how a subcontractor is paid;
It is almost certain as a reader of this blog you will have made some further changes to your daily routine as we head into our second national lock-down which is scheduled to end 2nd December – although this may be extended dependent on the situation at the time. Pubs, restaurants, gyms, non-essential shops and places…
The Bounce Back Loan Scheme (BBLS) has been extended to 31st January 2021 which is welcome news.
Tax – Tax has a long history in the UK, going back to the 13th century. Income tax was the first tax levied on people’s earnings in 1799.
The Eat Out to Help Out scheme starts from 3rd August with a view to revive the struggling leisure and hospitality industry amid covid-19.
